Business

Federal Government to Support N110 Billion in Youth-Led Businesses

Published by Tope Fakinlede on August 7th, 2024.

Federal Government to Support N110 Billion in Youth-Led Businesses

The federal government has announced a significant boost to the Nigeria Youth Investment Fund (NYIF), now restructured with a capital of N110 billion to support businesses run by young Nigerians.

During a town hall meeting for South-West youth in Akure, Youth Minister Jamila Ibrahim revealed that the NYIF has already received over 200,000 applications since its relaunch less than two weeks ago. The initiative aims to simplify access to loans for both personal and business purposes, thereby enhancing financial stability and economic contributions of the youth.

In addition to the NYIF, the government plans to establish a National Youth Development Bank to further support youth-led enterprises. This new institution will focus on empowering young entrepreneurs and fostering economic growth and innovation.

Minister Ibrahim also highlighted President Tinubu’s commitment to youth empowerment, noting the introduction of a 30 percent youth quota in all government appointments. Efforts are underway to enshrine this policy in legislation to ensure ongoing youth representation in government.

Furthermore, the government is working on reforms to improve the National Youth Service Corps (NYSC) experience. Ondo State Governor Lucky Aiyedatiwa, speaking at the event, emphasized the crucial role of youth in society and expressed his administration’s dedication to fostering innovation, creativity, and entrepreneurship.

Governor Aiyedatiwa underscored the importance of investing in education, skills training, and mentorship for young people. He thanked President Tinubu for advancing policies under the Renewed Hope Agenda to tackle issues such as unemployment and inequality and commended the government’s efforts in promoting a more inclusive society.

He also praised the South-West youth for maintaining peace and security and rejecting calls for protests, acknowledging their positive role in community and national development.